On July 10th, Geely Auto (002340.SZ) announced its performance forecast for the first half of 2024, with a net profit attributable to shareholders of the listed company of CNY 0.661-0.765 billion, an increase of 60%-85% over the same period last year; a net profit after deducting non-recurring gains and losses of CNY 0.611-0.815 billion, an increase of 76.67%-135.42% over the same period last year; and an EPS of CNY 0.13/Share - 0.15/Share.

In the first half of 2024, building on a solid foundation from the first round of global competition in 2023, the company seized the new century's opportunities of large-scale equipment renewal and replacing old products with new ones. The company increased production capacity, expanded market, and promoted production and sales. The company's dual-track business of urban mining and new energy material manufacturing continued to exert strong forces. The average utilization of core products, such as ternary precursor, cobalt, nickel products, and others, reached more than 98%. The gross margin increased comprehensively, significantly enhancing the company's profitability. All aspects of the business have entered a profitable growth channel.

In the first half of 2024, the company's phase-one Indonesian nickel resource project sold nearly 21,000 tons of metallic nickel MHP, achieving overproduction of 30% and a year-on-year growth rate of more than 100%. The significant cost reduction target was achieved, which promoted efficiency enhancement.

In the first half of 2024, the production capacity of the company's core product, ternary precursor, continued to increase, responding to the growing market demand, with a shipment volume exceeding 0.1 million tons.

Through independent technology optimization design, the company expanded the total production capacity of the Indonesian nickel resource project from 0.123 million tons of metallic nickel/year to 0.15 million tons of metallic nickel/year, of which the company-controlled production capacity is 0.11 million tons of metallic nickel/year, and the equity participation production capacity is 0.04 million tons of metallic nickel/year. The main equipment of the second phase of the Indonesian nickel resource project was installed as scheduled on June 30th, and it will start commissioning in batches within this year and release all production capacity within this year. At the same time, the company is building a ternary precursor production line in Indonesia, which will be completed in August this year and put into operation in September, aimed at the European and American markets. The company is building a world-class nickel resource new energy material full industry chain from low-grade red earth nickel mines to battery materials and battery raw materials in Indonesia, effectively responding to the FEOC regulations under the IRA Act, breaking through the blockade of the IRA Act, and enhancing the company's competitiveness in the European and American emerging new energy markets.